Jul 22, 2014

Paying With a Smart Phone

Mobile-PaymentsIf you are looking into dealing with a merchant account provider then it is important that the company you pick has the facilities to develop with you, as you grow and expand your company.

Having the option to pay with contactless payments isn’t a passing phase, it is an important progression in the financial markets. Even high risk merchant accounts are able to use this technology as a way to secure business in the future.

The ability to pay with your smart phone is progressing to a point where it is a form of payment, and business facilities need to accept this payment option to keep abreast of new technology.

The concept of using your mobile phone has been around for a time, unfortunately, the technology which can offer the security and the ability to pay at the same time is only just at a point where they are meeting somewhere in the middle.

Put the phone on the payment terminal, the same as you do for contact-less payments on your debt or credit card, creating an option where you don’t physically need to carry your wallet around and all you need is your phone.

A number of phone-based applications which allowed the process using an application on a mobile phone, but the problem was one of security and this, along with any other problems, are now solved, allowing the technology to move forward.

One area that has progressed this technology is the cryptocurrency market, it has allowed the algorithms to develop, which has made this technology possible.

Unfortunately, the bigger group of people using a credit or debit card are the older generation, but it is the younger generation that has the technology and the know-how to use it. This makes it difficult to market the product to the right age group.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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